Bhang’s award-winning chocolates will be available in nearly 65 outlets in Nevada
MIAMI, Sept. 12, 2019 (GLOBE NEWSWIRE) — Bhang Inc. (“Bhang” or the “Company”) (CSE: BHNG) (OTCQX: BHNGF), a global cannabis house of brands with an extensive, award-winning portfolio of products, announced today that it has signed a licensing agreement with Cannavative Group to make and distribute Bhang’s award-winning THC-infused chocolates through Cannavative’s extensive dispensary channels in Nevada.
Nevada has one of the most robust cannabis markets in the country. According to the state’s Department of Taxation, the combined adult-use and medical cannabis market saw $580 million in sales during 2018, the first full year of legal recreational sales.
“As Bhang continues to extend our footprint wherever legal cannabis, hemp-derived CBD and terpene products are sold, we will continue to partner with only the best companies that share Bhang’s values,” Scott Van Rixel, Bhang Chairman & CEO. “We are excited to be working with such a like-minded company as Cannavative whose commitment to producing only the highest-quality, consistent products for consumers sets an industry standard.”
The five-year agreement with Cannavative is automatically renewable and provides the company use of Bhang’s intellectual property including its consumable ingredients and packaging supplies for which Cannavative will pay a percentage of its gross sales. According to the agreement, Cannavative will also strictly adhere to Bhang’s formulations and uphold the award-winning quality standards Bhang has developed during nearly a decade in business. Bhang’s products are expected to hit Nevada shelves in the fourth quarter this year.
Jason Crum, Chief Revenue Officer of Cannavative, said about the deal, “We’re thrilled to be partnering with Bhang who we see as a leader in the industry. They’re battle tested and bring a ton of experience to Nevada. We are rounding out our product offering by finding a perfect complement to Cannavative’s vision with